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Foreigners Pump $426 Mn into Saudi Shares Through Direct Investment

Foreigners Pump $426 Mn into Saudi Shares Through Direct Investment
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Foreigners Pump $426 Mn into Saudi Shares Through Direct Investment

Foreigners Pump $426 Mn into Saudi Shares Through Direct Investment

Every week foreign investors pump cash into the Saudi Stock market to buy Saudi shares listed on the local capital market, showing the attractiveness of the Kingdom’s financial market.

In this context, the Saudi Stock Exchange (Tadawul) announced that the net purchases of foreign investors through foreign direct investment has amounted to about SAR1.6 billion ($426.6 million) last week, a high liquidity that confirms the vitality of investment in the domestic market.

Foreign residing investors have bought more than SAR11 million ($2.93 million) during last week. While foreign investors tended to sell with net liquidity of about SAR44 million ($11.7 million) during the same week through swap agreements.

With the opening of the trading week on Sunday, the index of the Saudi stock market closed on green unlike SABIC, which announced a decline in profits for H1 2019 by 54.7 percent compared to H1 2018.

SABIC fell 0.7 percent and Saudi Arabia's index rose to 8,859 points, gaining 40 points amid a cash flow of two billion riyals ($533.3 million).

The market value stood at SAR2.06 trillion ($549.3 billion) on Sunday while its gains have amounted to13.19 percent since the start of trading.

The average dividend yield of listed companies in the Saudi stock market is around 3.29 percent, which is attractive to an investor looking for cash dividends away from day-to-day trades that require a lot of know-how.

In this regard, Al-Sorayai Group achieved the biggest gains on Sunday with about 10 percent, following a recommendation by the company’s board of directors to reduce the capital by 70.9 percent to cover the accumulated losses.

Notably, foreign strategic investors have become more likely to buy in Saudi companies listed on the capital market.

The Capital Markets Authority (CMA) has recently confirmed that strategic investors can acquire strategic shares in listed companies according to a package of obligations.

It excluded foreign strategic investors from the condition of owning more than 49 percent of listed companies in the domestic market, indicating the vitality of the country’s financial market.

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Saudi-Chinese-Iranian Joint Tripartite Committee Meets in Riyadh

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
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Saudi-Chinese-Iranian Joint Tripartite Committee Meets in Riyadh

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)

The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement was held in Riyadh on Tuesday.

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi.

The Saudi and Iranian sides reiterated their commitment to implementing the Beijing Agreement in all its provisions and their continued effort to consolidate neighborly relations between their countries by respecting the Charter of the United Nations and the Charter of the Organization of Islamic Cooperation, and international law. This includes respecting the sovereignty, independence, and security of states.

Saudi Arabia and Iran welcomed the continued positive role played by China and the importance of its support and follow-up on the implementation of the Beijing Agreement that was signed in March 2023.

China underscored its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.

The three countries welcomed the continued progress in Saudi-Iranian relations and the opportunities it provides for direct communication between the two countries at all levels and sectors.

They noted the great importance of these contacts, meetings and mutual visits between high officials from the two countries, especially in light of the current regional tensions and escalation that threaten the security of the region and world.

The officials welcomed the progress of consular services between the two countries, which allowed more than 87,000 Iranian pilgrims to perform the Hajj and more than 52,000 Iranians to perform the Umrah with ease and security during the first ten months of 2024.

They welcomed the first meeting of the Saudi-Iranian joint Media Committee and the signing of a Memorandum of Understanding (MoU) between the Prince Saud Al-Faisal Institute for Diplomatic Studies and the Institute of Political and International Studies of the Iranian Ministry of Foreign Affairs.

Saudi Arabia and Iran additionally expressed readiness to sign a Double Taxation Avoidance Agreement (DTAA). Along with China, they look forward to expanding cooperation among them in various fields including economic and political.

The three countries called for an immediate end to the Israeli assault against Palestine and Lebanon, condemning its attacks and violations of Iran’s sovereignty and territorial integrity.

They further called for the uninterrupted flow of humanitarian aid and relief to Palestine and Lebanon, warning that the continuing cycle of violence and escalation is a serious threat to the security of the region and world.

The three countries reiterated their support for a comprehensive political solution in Yemen in line with internationally recognized principles under the auspices of the United Nations.